Federal Income Tax

[W. Gray]

While you folks are figuring your own Income Taxes, here is a synopsis of Harry S. Truman's Federal Return for 1935 that was due by March 15, 1936.

In response to a question about last year's return, he explains that he was not required to file that year.

The cutoff for not reporting income was $5,000.

He mentions in the return that his wife had no income.

He took office as a Senator on January 3, 1935 and based on his not filing the previous year, he seems to have at least doubled his income.

Today's Senators earn $174,000, which has been in effect since 2009.

[W. Gray]

I got an idea and redid Harry's tax return with the Bureau of Labor CPI Inflation Calculator and came up with today's money in red.

The $174,000 today's Senators income seems to beat inflation by a small amount.